Flood Losses Could Bring Tax Breaks For Louisianans
Release Date: October 17, 2002
Release Number: 1435-56
» More Information on Louisiana Tropical Storm Isidore
Baton Rouge, LA -- Louisiana residents who suffered losses in Tropical Storm Isidore and Hurricane Lili may be eligible for tax refunds from the Internal Revenue Service (IRS).
The IRS has ruled that such losses, defined as damage, destruction, or loss of property from a catastrophic event, may be deducted on the federal income tax return for the year in which the casualty occurred or by amending the return for the previous year.
Residents of the declared parishes who had losses from the storms may amend their federal income tax returns for the year 2001, filed this year, to reflect all or part of their loss, or they may include the deductions in returns to be filed by April 15, 2003.
Deductible items include homes and personal property, such as furnishings, appliances, vehicles and clothing. Amending this year's return to claim casualty losses may provide additional money for home repairs or replacing damaged goods.
The IRS general information toll-free number is 800-829-1040.
To learn more about claiming disaster losses, ask the IRS for its Disaster Losses Kit for Individuals (Publication 2194). The kit contains all the IRS forms and instructions necessary to file a disaster loss claim. Business owners should ask for Public 2194-B, which has specific instructions for businesses.
To get a copy of the disaster kit or any other IRS form, call 800-829-3676 (toll-free), or visit the IRS Web site at www.irs.gov. Forms and publications are also available at local IRS tax assistance centers.
Last Modified: Thursday, 24-Jul-2003 16:49:22